Technology and other market issues are changing the accounting and finance industry. Companies that embrace these changes can build stronger financial teams.
Accounting and finance teams impact a company’s bottom line, growth, and success. These professionals use their skills to analyze, report, and deliver actionable information.
As a result, trends such as automation, data analytics, and the cloud are affecting accounting and finance jobs in 2023. Organizations that capitalize on these trends gain a competitive advantage in the marketplace.
Find out how automation, data analytics, and the cloud might affect accounting and finance jobs in 2023.
Automation Increases Success in Accounting and Finance Roles
A January 2022 report from the Pew Research Center showed that 60% of employees who began working from home when the coronavirus pandemic began wanted to remain working remotely. Their main reasons included increased productivity and reduced burnout.
Findings similar to the Pew report are why many finance jobs will remain remote or hybrid in the future. Employers use these work arrangements to attract and retain talent, improve job satisfaction, and decrease costs.
Automation of accounting processes is essential to sustain remote and hybrid work. These tools improve data visibility so that finance professionals can access client accounts and records in real-time. Then, the professionals have everything they need to deliver quality work.
Automation handles repetitive, time-consuming tasks such as data entry, follow-ups, and approvals. This supports collaboration without the need to work in person. It also increases focus, efficiency, and productivity and reduces errors.
Accountants Rely on Data Analytics to Make Decisions
Accountants do more than prepare budgets, calculate projections, and handle taxes. They also communicate with clients, develop strategies, assess investments, and help make business decisions.
Data analytics provide accountants with real-time updates on financial information. This lets accountants make more proactive decisions to fit business needs.
Many accountants use data analytics to gather data from social media, web content, and emails and turn it into meaningful information. They analyze the information to gain valuable insights, uncover process improvements, increase efficiency, and better mitigate risk.
For instance, accountants can use data analytics to examine consumer spending habits and behavior. This helps uncover patterns and forecast trends to develop more effective marketing and growth plans.
Cloud-Based Accounting Systems Make Jobs Easier
Tax identification numbers, earnings reports, and credit card details are confidential information stored in accounting systems. Therefore, cybersecurity is essential to protect this data.
Cloud-based accounting systems include software, servers, databases, and storage. These systems receive regular security upgrades and testing to protect against cyberattacks.
Using cloud-based solutions lets companies control who can access their clients’ data, files, and workflows. Internal solid controls provide an additional layer of security against data theft, fraud, and cyberattacks.
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